Whether it’s more hours in a day, more profitability, or both, and regardless of where you are in your business’s lifecycle, your finance company can achieve more with less by embracing new lending technology.
How do you do it? defi CEO and Chief Constant Improver, Stephanie Alsbrooks, recently gave some great advice in an article for Non-Prime Times.
Here are just a few of the tips she offered:
- Reduce complexity. If you have spent years piling complex lending rules on top of each other, you may be reducing effectiveness and causing the spend of unnecessary time and money.
- The “A” word: Automation. While manual underwriting has it's benefits, you should automate something! And use your underwriters wisely.
- Use analytics. Use real data (either your own or your partners’) to lay out all possible options. And then pick the ones with the biggest bang for your buck.
- Use data and integrations. Save time on manual work and use your technology systems as the tools they should be.
Also read these briefs from Stephanie's other Non-Prime Times articles:
Technology 20 Years Ago Versus Today